StockMarketWire.com - Russia-focused PetroNeft booked a deeper first-half loss after its production volumes fell.

Pre-tax losses for the six months through June amounted to $1.47m, compared to losses of $0.68m on-year.

Revenue fell to $0.83m, down from $1.09m, after gross production averaged 1,755 barrels of oil per day, down from 2,135 bopd on-year.

'The first half of 2019 has been a busy time,' chief executive David Golder said.'

'The company has continued with the process started in 2018 to test the market whilst at the same time working on a twin track strategy to see how we may improve production and reserves at low cost to increase shareholder value.'

'These approaches are mutually supportive as improvement in production and or reserves is likely to increase attractiveness and interest in our assets in any sale process.'


At 2:57pm: [LON:PTR] Petroneft Resources PLC share price was +0.01p at 0.63p



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